Unexpected Expenses When Buying A Home

While the purchase price of a home may be what you are focused on, there are other costs associated with buying a home near the Lake of the Ozarks. As your Eldon, MO real estate experts, we want to help you stay up to date on all of the potential costs. If you plan on buying a home near Eldon, MO in the near future, check out the points below about potential costs you may stumble upon during the buying process.

Closing Costs

Closing costs are typically 2%-5% of the home sale price. While it can be negotiated in your dealings with the seller, you will likely be responsible for part of closing. Title insurance, deed transfers, and underwriting fees are a few examples of the transactions that take place during closing. All of these items cost and you should plan ahead for this expense. 

Home Inspection

Many loans require a home inspection to be performed on the property before the loan is approved. Even if your home loan does not require an inspection, it's a good idea to have one done on the property that way you know all the details of the home. This can range in price, but will likely come out of the buyer's pocket. Plan ahead for this expense as you prepare to buy a home.

Homeowners Insurance

Before you buy a home, you will likely have to prove you have insurance coverage on the property, especially if you are taking a loan out on the home. This cost is typically wrapped into your monthly mortgage payment, but it's still an expense that needs to be considered as a homeowner.

Moving Expense

This is an expense that is often looked over. It costs money to move your belongings from one house to another. Whether you hire movers to help or recruit friends and family to do the heavy lifting, it will likely cost you. Moving supplies and additional cleaning supplies are another expense to save for when buying a home.

Home Maintenance

It's important to have a bit of cash stashed away for regular maintenance. From spraying for bugs to lawn care to something breaking, there is often costs associated with owning a home. Consider having an emergency or maintenance fund readily available, as you enter into homeownership.

Extra Bills

If you are a first-time homeowner, there may be new bills you don't calculate into your budget at first. Many times rent will include sewer, water, and trash. Owning a home does NOT include those items. That will add to the amount of money you are required to pay out each month and should be calculated into your budget right away.

If you plan on buying a home in Eldon, MO in the near future, it's important to know what prices you will be paying. This can help you better prepare for all costs that go along with buying a home. If you are interested in buying, give Devine & Associates a call today. We would be pleased to help you through the buying process. From house shopping to making an offer to closing the sale, we can help walk you through buying a home!


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